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Belarus to put $570m into trade development in 2011

Belarus plans to raise $570 million of investment for trade development in 2011. Total investment is to increase by 16-17%, Trade Minister Valentin Chekanov said in a session of the board on 26 January.

Investment will be allocated to set up new trading faculties and upgrade the existing ones. The list of investment objects will be soon drawn up.

According to Deputy Trade Minister Vyacheslav Dragun, investments are raised mainly by means of funds of the companies and banking loans. Thus, in 2010 the organizations subordinate to the Trade Ministry raised Br53716 million of investment. Foreign investment reached only $702,000.

In his words, for attracting investments including FDI there is a need for an audit of the idle immovables in order to use them for setting up new trade and catering companies. The country needs a database of idle premises that can be sold, according to the legislation, at the price of one basic amount or leased out to potential investors. The database should be developed in 2011, Vyacheslav Dragun said.